Baltic Index Down as Capesize Rates Weigh
The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, edged lower on Thursday as demand for larger vessels fell.
The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels, was down 9 points, or 0.97 percent, at 920 points.
The capesize index fell 24 points, or 2.05 percent, to 1,146 points.
Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, declined $103 to $9,386.
The panamax index slipped 31 points, or 2.7 percent, to 1,119 points.
Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, decreased $245 to $8,967.
Among smaller vessels, the supramax index was down 3 points at 758 points, while the handysize index rose 5 points to 464 points.
Reporting by Eileen Soreng
